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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Friday, August 16, 2013

See for yourself the answer to that question from a Naked Capitalism post by Rajiv Sethi:

Rajiv Sethi: The Spider and the FlyBy Rajiv Sethi - Naked Capitalism. . . .
Aleynikov was hired by Goldman to help improve its relatively weak
position in what is rather euphemistically called the market-making
business. In principle, this is the business of offering quotes on both
sides of an asset market in order that investors wishing to buy or sell
will find willing counterparties. It was once a protected oligopoly in
which specialists and dealers made money on substantial spreads between
bid and ask prices, in return for which they provided some measure of
price continuity.
. . . .
Aleynikov relied routinely on open-source code, which he modified and
improved to meet the needs of the company. It is customary, if not
mandatory, for these improvements to be released back into the public
domain for use by others. But his attempts to do so were blocked:

Serge quickly discovered, to his surprise, that Goldman had a one-way
relationship with open source. They took huge amounts of free software
off the Web, but they did not return it after he had modified it, even
when his modifications were very slight and of general rather than
financial use. “Once I took some open-source components, repackaged them
to come up with a component that was not even used at Goldman Sachs,”
he says. “It was basically a way to make two computers look like one, so
if one went down the other could jump in and perform the task.” He
described the pleasure of his innovation this way: “It created something
out of chaos. When you create something out of chaos, essentially, you
reduce the entropy in the world.” He went to his boss, a fellow named
Adam Schlesinger, and asked if he could release it back into open
source, as was his inclination. “He said it was now Goldman’s property,”
recalls Serge. “He was quite tense. When I mentioned it, it was very
close to bonus time. And he didn’t want any disturbances.”

"The political class has reached some kind of critical mass in the 21st century. There is something going on in Washington that needed to be called out. I do not think it can be sustained, and I think it is indecent. It is not how Americans want their government and their capital city to be."

I strongly recommend that you watch this inside look at the culture of unwarranted privilege, unprincipled greed, and self-delusional narcissism amongst the ruling elite in Washington and New York.

Bill Black: The New York Times is Wowed that Obama’s Six Rubinites Support Larry Summers

By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posed from New Economic Perspectives

The Obama administration, for reasons that pass all understanding, has been running a campaign of leaks disparaging one of Obama’s few senior female appointees, Janet Yellen. Her high crimes include not being a protégée Bob Rubin and doing exceptionally well in economic forecasting. Rubin wants the job of Fed Chair to go to his top protégée, Larry Summers. Yellen, as Vice Chair of the Fed stands in the way of Rubin’s ambitions. (Rubin is too toxic to take the Chair directly.) The administration has been leaking primarily to the New York Times’ Binyamin Applebaum. His latest article contains this remarkable statement, without analysis.

“[T]he president’s top economic advisers uniformly support the selection of Mr. Summers. They regard him as a creative thinker and an experienced crisis manager, qualities they value in particular because they expect the Fed may confront difficult choices as it begins to retreat from its six-year-old stimulus campaign.”

The obvious question, except to the NYT, is who the “president’s top economic advisers” are who “uniformly support the selection of Mr. Summers”? There are six such advisers:

1. Gene Sperling (Director, National Economic Counsel)

2. Jason Furman (Chairman, CEA)

3. James Stock (Member, CEA)

4. Jacob Lew (Treasury)

5. Penny Pritzker (Commerce)

6. Sylvia Mathews Burwell (OMB)

Each of Obama’s top economic advisers is a Rubinite. Sperling is one of Rubin and Summers’ closest allies. Furman’s prior job was running the Hamilton Project – created by Rubin to propagate his ideas. Stock is a Rubinite, a colleague of Summers, and the co-author of the article that infamously coined the term “The Great Moderation” (Ben Bernanke popularized, but did not invent, their phrase.) Some “moderation” – to state the case gently he missed the most important economic developments in modern history. Jacob Lew and Furman share the characteristic of being Rubinites and leading architects and proponents of the “Grand Betrayal” (the effort to inflict austerity and cuts in the safety net). Pritzker is a national disgrace. She connected then Senator Obama with Rubin. Her appointment prompted extremely pointed criticisms.

Wall Street’s Secret “Economic Endgame”: Making the World Safe for Banksters, Syria in the Cross-hairs

In an August 2013 article titled “Larry Summers and the Secret ‘End-game’ Memo,” Greg Palast posted evidence of a secret late-1990s plan devised by Wall Street and U.S. Treasury officials to open banking to the lucrative derivatives business. To pull this off required the relaxation of banking regulations not just in the US but globally. The vehicle to be used was the Financial Services Agreement of the World Trade Organization.

The “end-game” would require not just coercing support among WTO members but taking down those countries refusing to join. Some key countries remained holdouts from the WTO, including Iraq, Libya, Iran and Syria. In these Islamic countries, banks are largely state-owned; and “usury” – charging rent for the “use” of money – is viewed as a sin, if not a crime.That puts them at odds with the Western model of rent extraction by private middlemen. Publicly-owned banks are also a threat to the mushrooming derivatives business, since governments with their own banks don’t need interest rate swaps, credit default swaps, or investment-grade ratings by private rating agencies in order to finance their operations.

Bank deregulation proceeded according to plan, and the government-sanctioned and -nurtured derivatives business mushroomed into a $700-plus trillion pyramid scheme. Highly leveraged, completely unregulated, and dangerously unsustainable, it collapsed in 2008 when investment bank Lehman Brothers went bankrupt, taking a large segment of the global economy with it. The countries that managed to escape were those sustained by public banking models outside the international banking net.

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com